Managing Student loans can haunt your success and keep you from moving forward. We understand that all you want is to further your education and boost your skills. That’s why, we have some valuable tips on how you can manage your student loans without letting the stress get you down.
Ways of Paying off Student Loans Fast
Managing Student Loans can be stressful.The pay back on your loan depends on a number of things. Being able to identify these factors can help you pay back your student loans faster.
Understand Your Payment Options
Every loan comes with a variety of payment options. Repayment depends on your income and interest charge on the loan. Payment options can be monthly, quarterly and yearly. Some might even allow you to start payments after you have graduated and have a steady job.
Know the Terms and Conditions of Your Loan
You can’t handle something if you don’t know what exactly you’re dealing with. So, the first step to managing your student loan is to understand the terms and conditions that come with the loan. This will allow you to know what exactly is expected of you.
Select a Payment Plan
Once you understand the conditions of your loan and what payment options you have, then you can select a payment plan. You will have to take a look at your finances and pick a payment plan that works best for you. If you have any questions, you should speak to your loan provider.
Stick to a Budget
Being a student means that you already live on a tight budget as is. Adding a student loan to it, will mean that you will have to make some needed sacrifice. You might not be able to go out with friends or go shopping when you want, but remember it’s for a good cause.
Try Getting a job
Juggling classes, tests and exams is hard, but with the right study schedule you can make it work. Once you have a balanced study routine, try looking for a job to help you save up and pay off your study loans.
Look at Alternative Plans
You might not be aware of this but there are alternative payment plans when it comes to paying back your student loans. All you have to do is some research. But luckily, we’ve done it for you. Take a look at your options below:
Graduated repayment: This payment plan allows you to pay back what you can based on your salary. The more you start to earn the more you will start to pay.
Extended repayment: With this plan your payment return is extended over a longer period of time instead of the time you were given.
Income contingent repayment: Your repayments will be up to 20% of your salary which will be paid over a period of 25 years.
Pay as you earn: 10% of your monthly income will be deducted as a debit order, up until your loans are paid off.
Organisations That Help pay Student Loans
You may not be aware of this but there are organisations that can help you pay off your student loans. This includes banks, certain businesses and the government. Some employers even offer to pay for your studies, so make sure to do your research.
Cutting Down on Expenses
Learning to live on a budget can be difficult at first. But with a few tips, you’ll get the hang of it in no time. Use our tips and become a super saver and pay off those student loans.
- Learn to Cook
- Wear What you Have
- Carpool or Public Transportation
Having Fun While Saving Bucks
You may think that because you are trying to save, you won’t be able to have fun. But you can. There are many things you can do with your friends and it won’t cost you a thing.
- Outdoor Activities
- Games Night
- Attend Free Events
Save up and Pay as you Learn
Don’t get yourself caught in student loans. Contact one of our course experts and find out about our pay as you learn study options. That’s right, distance learning is the new wave of learning.
- Call us for free on 0800 39 00 27
- Or fill out a contact form for a call back